In a regulatory filing Friday, Agenus Inc (NASDAQ:AGEN) revealed Bristol Myers Squibb & Co (NYSE:BMY) terminated a license, development, and commercialization agreement forged in 2021.
The company said that as part of a broader strategic realignment of their development pipeline, which involves other licensed products, Bristol Myers Squibb is returning AGEN1777, a TIGIT bispecific antibody, to Agenus and voluntarily terminating the BMS License Agreement, effective as of January 26, 2025.
Related: Agenus Faces Regulatory and Financial Challenges: Analyst Downgrades Stock Pending Trial Clarity.
Bristol Myers acquired AGEN1777 in 2021 by paying Agenus $200 million in cash.
Price Action: AGEN stock is down 7.10% at $5.23 at last check Monday.
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